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I'm starting a business. Can you please explain a bit about business insurance?
Posted by Guest on 2009/04/22 12:11:17
As a small business owner, you are aware that your business's success can be affected by events often out of your control. It is for times like these that business insurance can help protect everything you are working for. Business insurance (or commercial insurance) is used to describe a variety of available insurance products designed with your small business or commercial interests in mind.
Every business is different, but there are a series of insurance products available to business owners. The following are some of the most popular types of business insurance coverages:
- Commercial property insurance provides coverage for your building, contents, stock and equipment against physical loss or damage. It is typically paired up with Business Interruption coverage which compensates you for your lost income while your business is closed due to an insured loss.
- Comprehensive, or commercial general liability (CGL) insurance is designed to cover claims against your business for bodily injury or property damage to other people. Examples of coverage include if a customer is injured at your place of business, or if an employee damages property at a client's site. CGL is not a Professional Liability (errors and omissions) policy.
- Errors and omissions, also known as Professional Liability This type of insurance can be important coverage for anyone who deals with customers who could claim that something that you or your company did on their behalf was done incorrectly costing them money or causing them harm in some way.
- Accounts receivable protection provides coverage when business records are destroyed by an insured peril and the business cannot collect money owed. The policy covers these uncollectible sums plus the expense of record reconstruction and extra collection fees. It does not insure the physical value of the records themselves, such as the paper or computer disks and tapes.
- Crime coverage and fidelity bonds protect your business from losses resulting from crime, whether it's considered a burglary, robbery or theft. Fidelity bonds specifically cover theft perpetrated by your employees who might steal money, equipment or other assets from you (first-party fidelity) or a client (third-party fidelity.)
Insurance can help protect you from a significant loss that could have a devastating impact on your business making it an important part of any business plan.
Posted by admin on 2009/06/22 08:27:55
The Insurance Bureau of Canada has several publications on the topic of business insurance that you might find helpful. There's one titled "Slip, Trip + Fall - Occupier's Liability", one called "Insurance for voluntary organizations: Things to consider" and another titled "Getting started managing your risk". These can all be found on the IBC website at www.ibc.ca.
Posted by admin on 2009/07/24 13:28:44
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